Fed Data Shows Extreme Concentration of U.S. Stock Holdings
Federal Reserve data for the second quarter of 2026 show the wealthiest 1% of U.S. households held $32.890 trillion in corporate equities and mutual fund shares, while the bottom half held $374.196 billion, a ratio of 87.9 to 1. The overall net worth gap between those groups was 14.1 to 1, indicating that stock ownership is far more concentrated than wealth generally. Because gains from rising markets flow mostly to the top, many households have limited savings—4.4% personal savings rate—and little cushion if equities fall.
The Fed’s second-quarter 2026 accounts put the top 1% at $32.890 trillion in corporate shares and mutual-fund stakes, versus $374.196 billion for the bottom half. That category also includes private business equity, not just publicly traded stocks and funds. Within the top 1%, the top 0.1% held $16.15 trillion and the next 0.9% held $16.74 trillion.
Net worth is less concentrated: the top 1% held $60.313 trillion against $4.278 trillion for the bottom half, a 14.1-to-1 gap. Their share of U.S. net worth reached 32.5%, the highest in the five-year series, up 1.40 percentage points from a year earlier. The personal saving rate was 4.4% in the quarter.
Because stock gains accrue mostly to affluent households, market swings may shape spending unevenly. Wealthier investors could adjust consumption if portfolios fall, while households with minimal stock exposure and a 4.4% savings rate may have little buffer against job or cost shocks. This could influence retail, housing, and debt stress, though effects depend on how long any downturn lasts and how incomes and prices move.